Business Highlights: Victoria’s Secret aims for more inclusive catwalk; Maui beckons back tourists
___
Victoria’s Secret overhauls its racy fashion catwalk in its latest moves to be more inclusive
NEW YORK (AP) — Victoria’s Secret has been trying to reverse its image built on a man’s vision of sexiness that eventually backfired. The company overhauled its once biggest marketing spectacle of more than 20 years, the annual Victoria’s Secret catwalk. After a four-year hiatus, the lingerie brand came back with what is now a part fashion show and part preview of a documentary-style film featuring 20 global creatives. It celebrated all different body shapes. It’s a dramatic change from the super models that used to sashay in Swarovski crystal-covered angel wings but ended at the height of the #MeToo movement. The embattled lingerie giant has been revamping its marketing to include fuller-size women in ads and store mannequins amid languishing sales. But the company faces an uphill battle.
___
China’s exports and imports fall in August as weak global demand keeps its economy under pressure
HONG KONG (AP) — Chinese exports and imports both fell in August, reflecting tepid global demand that is adding to pressures on its slowing economy. Customs data released Thursday showed exports for August slumped 8.8% from a year earlier, while imports slid 7.3%. The total trade surplus for the world’s No. 2 economy shrank to $68.4 billion from $80.6 billion in July. China’s trade has been slowing for two years, sapped by a weakening global economy and by a lackluster recovery from the COVID-19 pandemic. But the declines in August were less severe than in July. China’s exports to the U.S. fell 17% in August from a year earlier, while exports to Southeast Asia dropped 13%.
___
Stock market today: Wall Street stumbles in mixed trading as Big Tech stocks drop again
NEW YORK (AP) — Wall Street slipped on worries a too-warm economy will push the Federal Reserve to keep interest rates higher for longer. The S&P 500 fell 0.3% Thursday for its third straight loss. Big Tech stocks were particularly weak, and the Nasdaq composite lost 0.9%. The Dow held up better, rising 57 points, because it has less of an emphasis on tech. Traders are forecasting nearly a coin flip’s chance that the Fed will raise rates again this year following reports showing the economy and job market are still humming. High rates hurt all kinds of stocks, particularly tech and other high-growth ones.
___
Maui beckons tourists, and their dollars, to stave off economic disaster after wildfires
KAHULUI, Hawaii (AP) — So few tourists are coming to the Hawaiian island of Maui after last month’s wildfires that restaurants and tour companies are laying off workers and unemployment is surging. State tourism officials initially urged travelers to stay away, but now want them to come back as long as they refrain from going to the burn zone and surrounding area. They say respectful travelers can help Maui recover from the tragedy by spending their money. Nearly 8,000 people filed for unemployment on Maui during the last three weeks of August. That’s a huge leap from 295 people during the same period in 2022. University of Hawaii economists expect Maui’s jobless rate to climb as high as 10%.
___
AI that alters voice and imagery in political ads will require disclosure on Google and YouTube
Political ads using artificial intelligence on Google and YouTube must soon be accompanied by a prominent disclosure if imagery or sounds have been synthetically altered. Google said in an update to its political content policy that disclosure of AI used to alter images must be clear and conspicuous and be located somewhere that users are likely to notice it. The new rule starts in November, about a year before the U.S. presidential election. Though fake images, videos or audio clips are not new to political advertising, generative AI tools are making it easier to do, and more realistic. Some presidential campaigns in the 2024 race — including that of Florida GOP Gov. Ron DeSantis — already are using the technology.
___
Biden will nominate a former Obama official to run the Federal Aviation Administration
President Joe Biden will nominate a former Obama administration official to lead the Federal Aviation Administration, which has been without a permanent leader for a year and a half. The White House said Thursday that Biden will nominate Michael Whitaker. He’s currently the chief operating officer of a Hyundai affiliate that is working to develop an air taxi aircraft. The FAA faces a number of challenges including a shortage of air traffic controllers, aging technology, and alarm over close calls between planes. Whitaker worked at TWA and United Airlines, then was deputy FAA administrator from 2013 to 2016.
___
With strike looming, General Motors makes wage offer, which auto union leader calls ‘insulting’
DETROIT (AP) — General Motors made its first wage-and-benefit offer to the United Auto Workers that falls far short of the union’s initial demands. The offer Thursday comes just a week before the UAW’s national contracts with GM, Stellantis and Ford are set to expire. UAW President Shawn Fain called the offer insulting, but it’s a sign of movement on economic issues. The union is threatening to strike any automaker that hasn’t reached an agreement by the time contracts expire at 11:59 p.m. on Sept. 14. GM says it’s offering a 10% wage increase during a new four-year contract, plus two more 3% one-time payments. It’s also offering a $6,000 inflation payment, $5,000 more in lump sums over the life of the contract, and a $5,000 contract ratification bonus.
___
Donors pledge half a billion dollars to boost the struggling local news industry
NEW YORK (AP) — The MacArthur Foundation is leading a group of donors who have pledge $500 million to help the struggling local news industry. They hope to provide seed money for news outlets that can make up for those that have closed or been hollowed out over the past 20 years, or boost companies teetering on the brink. Thousands of newspaper journalists have lost jobs, leaving a growing number of “news deserts,” or communities where there are no independent sources of news. The new Press Forward initiative is notable because organizations that haven’t traditionally funded journalism now see the need to address the issue.
___
The S&P 500 fell 14.34 points, or 0.3%, to 4,451.14. The Dow Jones Industrial Average rose 57.54 points, or 0.2%, to 34,500.73. The Nasdaq composite fell 123.64 points, or 0.9%, to 13,748.83. The Russell 2000 index of smaller companies fell 18.52 points, or 1%, to 1,855.76.